Resources & Reserves

(AS AT DECEMBER 31, 2022)

Total Proven and Probable Mineral Reserves

Project

Category

Tonnes
(millions)

Au Grade
(g/t)

Contained Au Ounces
(000s)

Ag Grade
(g/t)

Contained
Ag Ounces
(000s)

Cu Grade
(%Cu)

Contained
Tonnes Cu
(000s)

Magino

Proven

26.3

1.24

1,044

 

 

 

 

Magino

Probable

37.0

1.11

1,317

 

 

 

 

Magino

Proven & Probable

63.3

1.16

2,361

 

 

 

 

Florida Canyon

Probable

86.6

0.33

930

 

 

 

 

Florida Canyon

Probable

86.6

0.33

930

 

 

 

 

El Creston

Probable

13.4

0.88

380

12.0

5,170

 

 

Veta Madre

Probable

5.9

0.70

132

4.2

797

 

 

La Colorada Complex

Probable

19.3

0.83

512

9.6

5,967

-

-

San Agustin

Probable

14.0

0.32

145

14.9

6,690

 

 

El Castillo

Probable

-

-

-

 

 

 

 

El Castillo Complex

Proven & Probable

14.0

0.32

145

14.9

6,690

 

-

Cerro del Gallo

Proven

70.4

0.59

1,326

13.7

31,088

0.10

68

Cerro del Gallo

Probable

21.3

0.46

313

11.7

8,012

0.08

18

Cerro del Gallo

Proven & Probable

91.7

0.56

1,639

13.3

39,100

0.09

86

Consolidated Mineral Reserves

Proven

96.7

0.76

2,370

N/A

31,088

N/A

68

Probable

178.2

0.56

3,217

N/A

20,669

N/A

18

Proven & Probable

274.9

0.63

5,587

N/A

51,757

N/A

86

 

 

 

 

 

 

 

 

 

Total Measured and Indicated Resources 

Mineral Resources are not Mineral Reserves. Mineral Resources hold intrinsic economic interest, which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Measured and Indicated Mineral Resources listed below are inclusive of Mineral Reserves. 

Project

Category

Tonnes
(millions)

Au Grade
(g/t)

Contained
Au Ounces
(000s)

Ag Grade
(g/t)

Contained
Ag Ounces
(000s)

Cu Grade
(%Cu)

Contained
Tonnes Cu
(000s
)

Magino

Measured

48.8

0.99

1,556

 

 

 

 

Magino

Indicated

102.0

0.92

3,001

 

 

 

 

Magino

M&I

150.8

0.94

4,557

 

 

 

 

Florida Canyon

Indicated

113.6

0.31

1,132

 

 

 

 

Florida Canyon

Indicated

113.6

0.31

1,132

 

 

 

 

La Colorada Complex

Indicated

21.7

0.82

570

9.6

6,671

 

 

La Colorada Complex

Indicated

21.7

0.82

570

9.6

6,671

 

 

San Agustin

Indicated

22.1

0.31

223

12.8

9,092

 

 

El Castillo

Indicated

23.5

0.31

232

 

 

 

 

El Castillo Complex

Indicated

45.6

0.31

455

 

9,092

 

 

Cerro del Gallo

Measured

121.6

0.49

1,899

13.1

51,086

0.10

122

Cerro del Gallo

Indicated

80.4

0.37

965

10.8

28,017

0.08

66

Cerro del Gallo

M&I

202.0

0.44

2,864

12.2

79,103

0.09

187

San Antonio

Indicated

65.0

0.86

1,735

 

 

 

 

Consolidated
Mineral Resources

Measured

170.4

0.63

3,455

N/A

51,086

N/A

122

Indicated

428.3

0.57

7,858

N/A

43,780

N/A

66

M&I

598.7

0.59

11,314

 N/A

94,866

 N/A

187

 

 

 

 

 

 

 

 

 Total Inferred Mineral Resources

Project

Category

Tonnes
(millions)

Au Grade
(g/t)

Contained
Au Ounces
(000s)

Ag Grade
(g/t)

Contained
Ag Ounces
(000s)

Cu Grade
(%Cu)

Contained
Tonnes Cu
(000s)

Magino

Inferred

31.6

0.83

843

 

 

 

 

Florida Canyon

Inferred

119.3

0.53

2,051

 

 

 

 

La Colorada

Inferred

0.6

0.63

12

7.2

138

 

 

San Agustin

Inferred

21.9

0.61

427

21.3

15,015

 

 

El Castillo

Inferred

2.5

0.33

26

 

 

 

 

Cerro del Gallo

Inferred

5.1

0.43

71

11.9

1,947

0.06

5

San Antonio

Inferred

6.2

0.34

67

 

 

 

 

Consolidated
Mineral Resources

Inferred

187.2

0.58

3,497

 N/A

17,100

 N/A

5


 

 

 

 

Notes to the Mineral Resource & Reserve Tables above: 

  1. Mineral Reserves and Mineral Resources have been estimated as at December 31, 2022 in accordance with NI 43-101 as required by Canadian securities regulatory authorities. Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.

  2. The Mineral Reserves for the Magino Project set out in the table above were based on the technical report titled "Magino Gold Project, Ontario, Canada, NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update", dated effective as of February 14, 2022, prepared by John M. Marek, P. Eng., Independent Mining Consultants, Inc.; Christo Marais, P. Geo., Argonaut; Philip Addis, P. Eng., SLR Consulting (Canada) Ltd.; Tommaso Roberto Raponi, P. Eng., T.R. Raponi Consulting Ltd.; and Kyle L. Stanfield, P. Eng., Argonaut (the "Magino Technical Report"). The Mineral Reserves were estimated using a gold price of $1,350 per ounce.The Mineral Reserves used a variable gold cut-off grade of between 0.38 g/t Au and 0.70 g/t Au, depending on mine sequencing.

  3. The Mineral Reserves for Florida Canyon set out in the above table are based on updated models, mine plans and topography as well as updated recoveries and cost assumptions as of December 31, 2022.Florida Canyon used a gold price of $1,600 per ounce.The cut-off grade for Florida Canyon was variable depending on ore type and process selection.

  4. The Mineral Reserves for La Colorada Complex set out in the above table are based on updated models, mine plans and topography as well as updated recoveries and cost assumptions as of December 31, 2022.La Colorada used a gold price of $1,600 per ounce and a silver price of $20.00 per ounce.Cut-off grades for La Colorada were 0.14 g/t Au equivalent (“AuEQ”) at El Creston and 0.16 g/t AuEQ at Veta Madre.

  5. The Mineral Reserves for San Agustin Mine set out in the above table are based on updated models, mine plans and topography, including depletion through mining activities and changes to recovery and cost assumptions as of December 31, 2022.San Agustin used a gold price of $1,600 per ounce and silver price of $20.00 per ounce. Cut-off grades at San Agustin were 0.17 g/t AuEQ.

  6. The Mineral Reserves for Cerro del Gallo set out in the table above were based on the technical report titled "Pre-Feasibility Study NI 43-101 Technical Report Cerro del Gallo Heap Leach Project Guanajuato, Mexico", dated January 31, 2020 (effective date of October 24, 2019, prepared by Carl Defilippi, M.Sc. C.E.M., SME of Kappes Cassiday & Associates, Thomas Dyer, P.E. of Mine Development Associates, Todd Minard, P.E. of Golder Associates Inc., Brian Arkell, CPG and Neb Zurkic, CPG (the "Cerro del Gallo Technical Report"). The Mineral Reserves were estimated at a gold price of $1,200 per ounce and a silver price of $14.50 per ounce. The Mineral Reserves used a gold cut-off grade of between 0.30 g/t AuEQ and 0.39 g/t AuEQ depending on ore type.

  7. The M&I Mineral Resources and Inferred Mineral Resources for the Magino Project set out in the table above were based on pit cones using a gold price of $1,800 per ounce and preliminary stope designs below the $1,800 per ounce cone.

  8. The M&I Mineral Resources and Inferred Mineral Resources for Florida Canyon set out in the above table were based on pit cones using a gold price of $1,800 per ounce.

  9. The M&I Mineral Resources and Inferred Mineral Resources for La Colorada set out in the above table were based on pit cones using a gold price of $1,800 per ounce and a silver price of $24.00 per ounce.

  10. The M&I Mineral Resources and Inferred Mineral Resources for El Castillo and San Agustin, which together form the El Castillo Complex, set out in the above table were based on pit cones using a gold price of $1,800 per ounce and silver price of $24.00 per ounce.El Castillo mine ceased mining operations in the fourth quarter of 2022 and is now in residual leaching.

  11. The M&I Mineral Resources and Inferred Mineral Resources for the Cerro del Gallo Project set out in the table above were taken from the technical report titled "Pre-Feasibility Study NI 43-101 Technical Report Cerro del Gallo Heap Leach Project Guanajuato, Mexico", dated January 31, 2020 (effective date of October 24, 2019 (the "Cerro del Gallo Technical Report"). The Mineral Resources were estimated at a gold price of $1,600 per ounce and a silver price of $20.00 per ounce. Cut-off grades range from 0.25 g/t AuEQ to 0.30 g/t AuEQ depending on ore type.

  12. The M&I Mineral Resources and Inferred Mineral Resources for the San Antonio Project set out in the table above were taken from the technical report titled “NI 43-101 Technical Report on Resources, San Antonio Project”, dated October 10, 2012 (effective date of September 1, 2012), prepared by Leah Mach, M.Sc. Geology, CPG and Mark Willow, M.Sc., C.E.M. of SRK Consulting (U.S.) Inc., Richard Rhoades, P.E., and Carl Defilippi, M.Sc. C.E.M., SME of Kappes Cassiday & Associates (the “San Antonio Technical Report”). The Mineral Resources were estimated at a gold price of $1,500 per ounce using a cut-off grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide. On December 5, 2022, Argonaut entered into an Option Agreement whereby Heliostar Metals Limited has been granted the option to acquire a 100% interest in and to San Antonio.

  13. The Company completed the sale of the Ana Paula Project to Heliostar Metals Limited in March 2023 as per the purchase agreement, therefore Mineral Resource and Reserve estimates prepared for this property are not included in these tables.

Qualified Person, Technical Information and Mineral Properties Reports

The technical information included above was prepared under the supervision of, and approved by, Brian Arkell, Argonaut’s Vice President, Exploration and a Qualified Person under NI 43-101. For further information on the Company’s material properties, please see the following technical reports on the Company’s website or under the Company’s issuer profile at www.sedar.com:


El Castillo Gold Mine 

El Castillo Gold Mine, Durango, Mexico NI 43-101 Technical Report dated February
14, 2022 (effective date of October 1, 2021) 

San Agustin Gold/Silver Mine 

San Agustin Gold/Silver Mine, Durango, Mexico, NI 43-101 Technical Report dated
February 14, 2022 (effective date of August 1, 2021) 

La Colorada Gold/Silver Mine 

La Colorada Gold/Silver Mine, Sonora, Mexico, NI 43-101 Technical Report dated
February 14, 2022 (effective date of October 1, 2021) 

Florida Canyon Gold Mine 

NI 43-101 Technical Report on Mineral Resource and Mineral Reserve Florida Canyon
Gold Mine Pershing County, Nevada, USA dated July 8, 2020 (effective date June 1,
2020) 

Magino Gold Project 

NI 43-101 Technical Report Mineral Resource and Mineral Reserve Update dated
March 3, 2022 (effective date February 14, 2022) 

Cerro del Gallo Project 

Pre-Feasibility Study Technical Report on the Cerro del Gallo Project, Guanajuato,
Mexico dated January 31, 2020 (effective date of October 24, 2019) 

 

To view the previous Mineral Reserve and Resource Estimates effective as of December 31, 2021, click here